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Dec 5, 2012
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could be a fiscal cliff. the gulf is hotter than it's ever been even a few years ago it was ice cold. >> big story in the journal about exploration in this country. production 15-year high. brand new chapter here. look at the bottom of your screen. citigroup is cutting 11,000 jobs. we want to get to kayla tausche with more on that. >> we have a release that just hit the wire in citigroup where those jobs are coming from and a charge that the company plans to take in the fourth quarter because of these job cuts even though it expects them to generate $900 million in cost savings next year. interestingly this is the first move toward really slimming down citi by the new ceo. he has a quote in here saying these actions are logical next steps in citi's transformation and says they're committed to strategy that continues to leverage in the global banking market. if you go through the list of where these jobs are actually coming from, institutional clients group which is investment banking a quarter of the job cuts
could be a fiscal cliff. the gulf is hotter than it's ever been even a few years ago it was ice cold. >> big story in the journal about exploration in this country. production 15-year high. brand new chapter here. look at the bottom of your screen. citigroup is cutting 11,000 jobs. we want to get to kayla tausche with more on that. >> we have a release that just hit the wire in citigroup where those jobs are coming from and a charge that the company plans to take in the fourth...
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Dec 3, 2012
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back to the looming fiscal cliff. a deal to avoid the cliff remains uncertain as both sides continue to fight over tax code overhaul. we're joined at post 9 by virginia democratic senator gang of eight member senator mark warner. welcome. down to nyse. good to have you. >> thanks for having me. >> we read about dinners at your house. senators trying to work something out on the side. clearly it collides with headlines we got over the weekend. >> we all know what the frame of this deal has to be. you have to get additional revenues. you have to find a way to reform the entitlements and make additional cuts and get a net net of minimum of 4 trillion over ten years. that sounds like a big number but when you think about the size of our economy and size of government spending over a ten-year period, this is so much remarkably smaller than what's being asked of people throughout europe and people in the u.k. and throughout the world. my hope is we are going to get the deal done. >> we have three weeks or so to play with at
back to the looming fiscal cliff. a deal to avoid the cliff remains uncertain as both sides continue to fight over tax code overhaul. we're joined at post 9 by virginia democratic senator gang of eight member senator mark warner. welcome. down to nyse. good to have you. >> thanks for having me. >> we read about dinners at your house. senators trying to work something out on the side. clearly it collides with headlines we got over the weekend. >> we all know what the frame of...
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Oct 26, 2012
10/12
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we can take the fiscal cliff. if you're worried about the deficit, we have 5 trillion reductions over the next few years that will take care of that. do you think that's an argument that's got anything? >> not a rationale argument. if the full fiscal cliff hit us, we would be back in a recession. it's very hard to tackle these major structural reforms when you are on your back, when you are fighting from a position of recession. it's much better to tackle these even if you are growing moderately you're in a much stronger position and so we need to keep the economy growing in the short-term. i think bernanke is doing whatever he can with monetary policy to try to buy time for the fiscal authorities to make long-term structural reforms but then we need to tackle entitlements and tax reform in a comprehensive manner. that's the upside. if the congress and executive branch can come together and make tough choices, not easy choices, tough choices, then the markets will rally and we'll see upside from here. >> i want to
we can take the fiscal cliff. if you're worried about the deficit, we have 5 trillion reductions over the next few years that will take care of that. do you think that's an argument that's got anything? >> not a rationale argument. if the full fiscal cliff hit us, we would be back in a recession. it's very hard to tackle these major structural reforms when you are on your back, when you are fighting from a position of recession. it's much better to tackle these even if you are growing...
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Nov 7, 2012
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prior to fiscal cliff. some would argue that companies are already pulling back and that the impact of the fiscal cliff is being felt now prior to discussions in anticipation of it. is there a scenario in which there could be a rating cut and we don't actually go over that cliff? >> potentially there could be. the fiscal cliff is not the only issue that needs to be addressed. even if it's possible to avoid the forthcoming fiscal cliff, you also need to put in place a credible deficit reduction plan. there needs to be a grand bargain across both sides of the divide to address the deficit and provide some certainty over tax and spending policies going forward. if the fiscal cliff is avoided but there is no credible deficit reduction plan put in place. then the rating will come down during the course of 2013. >> david, is it clear to you, we have a frame work called simp n simpson-bowles as you know. we have added firepower of ceos making this a pet issue. does it matter if corporate america says we're behind
prior to fiscal cliff. some would argue that companies are already pulling back and that the impact of the fiscal cliff is being felt now prior to discussions in anticipation of it. is there a scenario in which there could be a rating cut and we don't actually go over that cliff? >> potentially there could be. the fiscal cliff is not the only issue that needs to be addressed. even if it's possible to avoid the forthcoming fiscal cliff, you also need to put in place a credible deficit...
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Nov 29, 2012
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is the fiscal cliff a buying turnlt? because today, goldman, saying that all of this is going to pass, we're going to get growth of 10.9%. and 12% in the market on prices next year and they'll rise . >> i think people are going to rotate from protecting the value of their portfolio. >> i think people have been very significantly focused on not losing money. and so they have held cash, they have held more conservative investments. i think it's made sense to. there's been tremendous uncertainty. and for the record, i don't think the uncertainty is necessarily going to melt away, whether we get a fiscal cliff deal or not. what i do think we're starting to see is you have the largers economies in the developed world, all throughout europe, and japan, during sandy, a lot of what happened tot the bank of japan, you have central bans that are going to work with governments. chairman bernanke hasn't even commented on it himself, that there's an incentives to weaken their currency. they're going to own stocks to protect that. >>
is the fiscal cliff a buying turnlt? because today, goldman, saying that all of this is going to pass, we're going to get growth of 10.9%. and 12% in the market on prices next year and they'll rise . >> i think people are going to rotate from protecting the value of their portfolio. >> i think people have been very significantly focused on not losing money. and so they have held cash, they have held more conservative investments. i think it's made sense to. there's been tremendous...
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Dec 31, 2012
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that's not even part of the fiscal cliff. that's in addition to the fiscal cliff. we're looking at an avalanche of regulations that were drawn up in the first four years of the obama administration, but then conveniently only beginning to be made public after the president's job was secure. his job is secure. now yours may not be, because hundreds of billions of dollars in regulatory costs are hitting the economy. look at what epa and others are doing. >> right. but grover, speaking of magicianship, you appear to be doing that right now. it looks like rates will increase. that technically is not a good thing for you and your pledge. >> it's a very bad thing for the economy, because what they're talking about is some -- allowing the rates to go back up, not just back up. remember, we go back -- the bush tax cuts disappear and you add the obama care tax increases. so they're taking the top rate not to 39.6, but to 43.4 for half of all small business income in the country. and people at high income earners of the united states. add to that the 35% corporate income tax
that's not even part of the fiscal cliff. that's in addition to the fiscal cliff. we're looking at an avalanche of regulations that were drawn up in the first four years of the obama administration, but then conveniently only beginning to be made public after the president's job was secure. his job is secure. now yours may not be, because hundreds of billions of dollars in regulatory costs are hitting the economy. look at what epa and others are doing. >> right. but grover, speaking of...
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Dec 4, 2012
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the fiscal cliff. two former governors will offer their perspective. plus, more on what bank of america's brian moynihan told becky this morning. more "squawk on the street" in just a moment. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. you can stay in and share something... ♪ ♪ ...or you can get out there with your friends and actually share something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. offering some of our best values of the year. i have obligations. cute tobligations, but obligations.g. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your
the fiscal cliff. two former governors will offer their perspective. plus, more on what bank of america's brian moynihan told becky this morning. more "squawk on the street" in just a moment. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your...
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Nov 9, 2012
11/12
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the markets and the fiscal cliff. can a deal be reach and what do investors need to hear from the president today? they tell us where to invest right now. and whitney tilson and others. market placers on opposite sides of the i'll go head to head to find solutions. carl, we'll see you in about ten minutes. >> sounds good. thanks, scott. >>> shares of groupon sliding. what could this company possibly do now to turn things around for investors? joining me this morning -- author of groupon's biggest deal ever. je jents, good morning. >> good morning, carl. >> i wonder if this is the straw is that broke the camel's back. >> he said, at least it's not zin zynga. a year ago i would not have sold a book. you know, the goods business has been around for a long time. roughly equal to the daily deals so, they're scrambling to get revenue in from that. but the core business really seems to be slipping. straw, camel's back, seems like it. >> when they change tvs or host, you'd better hope he's better. >> first of all, we endorse
the markets and the fiscal cliff. can a deal be reach and what do investors need to hear from the president today? they tell us where to invest right now. and whitney tilson and others. market placers on opposite sides of the i'll go head to head to find solutions. carl, we'll see you in about ten minutes. >> sounds good. thanks, scott. >>> shares of groupon sliding. what could this company possibly do now to turn things around for investors? joining me this morning -- author of...
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Nov 16, 2012
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he said two things about the fiscal cliff. one, that there will be a deal in the end that involves some tax increases and, two, one of the reasons for that is that the tea party, the influence of the tea party peaked and is declining. do you think both of those things are right? >> look, it's difficult to predict what's going to happen. i'm not going to claim to have the ability to predict what is going to happen. a lot of people disagree about what is or what isn't a tax increase. as far as the insinuation that the grassroots conservative movement gaining momentum in 2009 has somehow peaked and is in decline is simply not true. >> even after losing an election where all of the swing states except one went for the president? >> all three new republicans in the senate easily identified with the tea party movement. >> democrats gained seats in the election. >> they did gain seats. and where we had tea party candidates, they well. we have to remember this is still the movement that brought about an historic shift in the house of
he said two things about the fiscal cliff. one, that there will be a deal in the end that involves some tax increases and, two, one of the reasons for that is that the tea party, the influence of the tea party peaked and is declining. do you think both of those things are right? >> look, it's difficult to predict what's going to happen. i'm not going to claim to have the ability to predict what is going to happen. a lot of people disagree about what is or what isn't a tax increase. as far...
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Dec 10, 2012
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and in part, they cite the fiscal cliff. i think if you were out there, you would get answers that would not necessarily describe it correctly. >> it's a shame it's called fiscal cliff. and called radical tax increase. it was meant to cause a recession. the government felt in its infinite wisdom that -- >> you think it's a radical tax increase? >> i think so, yeah. i think you'll notice it in your paycheck for certain. >> that's absolutely for sure. >> your first check, second paycheck, then you get the chaos that bowles mentioned. and the chaos is, wow, i have much less to spend. i didn't know this was coming. alternative minimum tax being the silent killer who really understands how much more they have to pay, check at the end of the year. do the math. >> we saw it in the consumer sentiment numbers, and what it will be when the increases actually go through. most of that decline in sentiment that we saw on friday was from households earning more than $75,000. a higher income in this survey, households felt it the most, eve
and in part, they cite the fiscal cliff. i think if you were out there, you would get answers that would not necessarily describe it correctly. >> it's a shame it's called fiscal cliff. and called radical tax increase. it was meant to cause a recession. the government felt in its infinite wisdom that -- >> you think it's a radical tax increase? >> i think so, yeah. i think you'll notice it in your paycheck for certain. >> that's absolutely for sure. >> your first...
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Nov 30, 2012
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the fiscal cliff. the president heads to a pennsylvania toy factory pressing his case for a proposal that actually leaked last night seeking 1.6 trillion in tax hikes. republicans in morning balking and cliff fears prompt another company to issue a dividend and it's whole foods. >> owner of taco bell, kfc, have warned that sales hit the skids. the shares yesterday hit a fresh high. >>> facebook unlikes zynga. zynga shares are plummeting this morning on the news. >>> never an ego boost for the ceo when the stock falls on the news that he's keeping his job. that's exactly what's happening with groupon as the board keeps andrew mason. >>> the president heading to a pennsylvania factory this morning. republicans have given a thumbs down to the president's plan which includes a $1.6 trillion tax increase, 50 billion in infrastructure spending for next year and limited entitlements cuts. more companies issue special dividends. whole foods will pay $2 a share. kbw yesterday. what's more interesting to you, ji
the fiscal cliff. the president heads to a pennsylvania toy factory pressing his case for a proposal that actually leaked last night seeking 1.6 trillion in tax hikes. republicans in morning balking and cliff fears prompt another company to issue a dividend and it's whole foods. >> owner of taco bell, kfc, have warned that sales hit the skids. the shares yesterday hit a fresh high. >>> facebook unlikes zynga. zynga shares are plummeting this morning on the news. >>>...
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Nov 27, 2012
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goes off the fiscal cliff. just wait until you hear who he thinks should be the treasury secretary. >> we'll begin of course with the deal of the day. conagra foods has agreed to acquire ralcorp for $5 billion. $90 a share in cash. 28% premium to the closing price on monday. kayla tausche reported on potential for a deal between the two companies back in 2011. it creates the largest private label food company in north america. this is a big deal. >> yes, it is. it's big in size in terms of what we've seen in this market. look how excited he is. and they finally got it done. it's been one as you pointed out that was around in 2011. they couldn't get it done. that is conagra. they walked away. ralcorp stock price fell dramatically. they split the post cereal division from ralcorp. the two trade separately. so you did have a company here that perhaps became a little more -- i wouldn't say vulnerable. not as if they were committed to selling. the board composition changed. you have had activist shareholder get on t
goes off the fiscal cliff. just wait until you hear who he thinks should be the treasury secretary. >> we'll begin of course with the deal of the day. conagra foods has agreed to acquire ralcorp for $5 billion. $90 a share in cash. 28% premium to the closing price on monday. kayla tausche reported on potential for a deal between the two companies back in 2011. it creates the largest private label food company in north america. this is a big deal. >> yes, it is. it's big in size in...
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Dec 20, 2012
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it's not just about the fiscal cliff. everyone wants to say the reason why it's not moving along is because of the fiscal cliff. there's so much more than that. if you look at the corporate quarterly earnings calls, they've been clear that cap-x is being reduced because of the fiscal cliff but also the global malaise we're going through. make no mistake, the global malaise is here. two-thirds are still in contraction territory. it's difficult to disentangle those ideas. >> i know it's three months old but today's number was pretty good, philly fed not that bad and in the midst of all this uncertainty. what's that about? >> we're not painting a picture of an economy that's about to fall off a cliff. we're talking about an economy that's just slowing, that's not going to gather much momentum. that's for us the compelling part of the story. we built in a softer pro vile 2013 versus 2014 but you're looking at 1.5 to 1.7% growth. that's still consistent with philly fed. we are just not gaining momentum. >> just to put a period
it's not just about the fiscal cliff. everyone wants to say the reason why it's not moving along is because of the fiscal cliff. there's so much more than that. if you look at the corporate quarterly earnings calls, they've been clear that cap-x is being reduced because of the fiscal cliff but also the global malaise we're going through. make no mistake, the global malaise is here. two-thirds are still in contraction territory. it's difficult to disentangle those ideas. >> i know it's...
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Dec 11, 2012
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the winner, the fiscal cliff, 35%. what are people saying about the fiscal cliff? we have people write in, and i believe that's what we'll look at next. we'll look at the probability of a u.s. recession. that has come up. in part because of the fiscal cliff concerns. it was 19% back in march. a high of 36%. so we're halfway between the low and the high pretty much. this is a 13-month high for the probability of recession. now we want to show you what people are saying about the fiscal cliff, allowing the economy to go over the cliff would be extremely reckless, says donnelly. they're going out to try to help the unemployment rate. wall street doesn't believe it's going to happen. they do believe it will help lower mortgage rates and the unemployment rate and not a lot of help expected for the stock market. melissa? >> steve, thanks for that. that's interesting stuff there. >> nothing like getting your blood pressure up. liesman testing you live on tv. >> what do you think? wrong, wrong. brought back bad memories, huh, carl? 2013 housing market outlook this morning,
the winner, the fiscal cliff, 35%. what are people saying about the fiscal cliff? we have people write in, and i believe that's what we'll look at next. we'll look at the probability of a u.s. recession. that has come up. in part because of the fiscal cliff concerns. it was 19% back in march. a high of 36%. so we're halfway between the low and the high pretty much. this is a 13-month high for the probability of recession. now we want to show you what people are saying about the fiscal cliff,...
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Dec 6, 2012
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but everybody's worried about retail and fiscal cliff, carl and fiscal cliff was mentioned in the release. it's become something carl that we are expecting in every release that we see. >> we do have a couple of seconds to point out that last night in cable fax awards, two nights ago, you were named to the hall of fame. >> yes, thank you very much. kind of proud, i dedicated by admission to mark haines who put me on tv. when david and joe would do "squawk box," he put me on tv. and mark was inducted into the hall of fame last year, because he said there's room for like guys that were bald and fat. right then i was trading at 2.15. now it's a point lower. >> no free passes. >> well deserved, congratulationings from all of us. you're going to stick arounder for lululemon. >> speaking of which, coming up, the ceo of lululemon will talk to us about the holiday season. and apple, a slide back into u.s. territory. [ male announcer ] when a major hospital wanted to provide better employee benefits while balancing the company's bottom line, their very first word was... [ to the tune of "lullaby a
but everybody's worried about retail and fiscal cliff, carl and fiscal cliff was mentioned in the release. it's become something carl that we are expecting in every release that we see. >> we do have a couple of seconds to point out that last night in cable fax awards, two nights ago, you were named to the hall of fame. >> yes, thank you very much. kind of proud, i dedicated by admission to mark haines who put me on tv. when david and joe would do "squawk box," he put me...
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Jul 17, 2012
07/12
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on the impact of the fiscal cliff and u.s. economy, bernanke cease citing estimates from the congressal budget office says quote if the full range of tax increases and spending cuts were allowed to take effect, a shallow recession would occur early next year and one and a quarter fewer jobs would be created in 2013. however, as far as hints at future fed action, beyond the last meeting statement, the chairman doesn't go any further, citing the message there, quote, it is the fed the fomc is prepared to take further action as appropriate to promote a stronger economic recovery and improve the labor market conditions. fed benchmarks on the economy. 1.9 to 2.4% gdp growth through this year. that's lower than back in january and again, concerns about the reduction in unemployment likely be quote frustratingly slow. the lone bright spot relatively speaking, housing. existing home sales gradually trending upward and even some signs of higher prices in some areas, so the bottom line as far as the fed chairman is concerned, europe and
on the impact of the fiscal cliff and u.s. economy, bernanke cease citing estimates from the congressal budget office says quote if the full range of tax increases and spending cuts were allowed to take effect, a shallow recession would occur early next year and one and a quarter fewer jobs would be created in 2013. however, as far as hints at future fed action, beyond the last meeting statement, the chairman doesn't go any further, citing the message there, quote, it is the fed the fomc is...
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Oct 1, 2012
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>> everybody points out the fiscal cliff, election, fiscal issues are certainly important. what's important to me from an equity perspective is seeing taxation on equity returns kept low. i really don't want to see the dividend or capital gains rate go any higher than 25%. i'd like to see these two rates stay equal to each other. that's important to us. >> is there a cost to the market associated with that changing n your view? >> yeah, if the dividend rate goes up to the marginal income tax rate, this market will give back some of the rally and it will limit the upside for next year. >> is there a point at which you see obama in the polls and you say actually now i believe that we are going to get the tax hikes and the market should fall? there must be a watershed quite soon as we head towards particularly what happens in the house and the senate. >> our focus has been on the senate. we think that's what's going to mostly influence the outcome. i hope there's appetite to see the rates low. i don't see a benefit from raising them. i would call a coin toss on the senate outc
>> everybody points out the fiscal cliff, election, fiscal issues are certainly important. what's important to me from an equity perspective is seeing taxation on equity returns kept low. i really don't want to see the dividend or capital gains rate go any higher than 25%. i'd like to see these two rates stay equal to each other. that's important to us. >> is there a cost to the market associated with that changing n your view? >> yeah, if the dividend rate goes up to the...
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Nov 20, 2012
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also, regardless of the fiscal cliff there's cuts. the u.s. government is the world's biggest buyer of software associated with the running of any kind of government. that's another kind of corollary here. a big comment from a lot of people in the defense industry about that yesterday. i think they're the first company to come out and make realistic expectations of what will happen in the next couple of years. back to you. >> okay. thank you. dave cote is the head of the curve on all of this. let's shift to bonds and dollar. rick santelli at the cme group in chicago. rick? >> thank you, jim. everyone is excited about good housing numbers. everybody but the fixed income market. everybody but the equity market. i know there's an hp issue here. however, let's look at the charts. let's put up a two-day chart of tens. clearly you can see we're up about a basis point on the day. if you look on the right side of the chart and look around 8:30 eastern, you can't pick out that we had a good housing number. if you really switch this around a bit, you lo
also, regardless of the fiscal cliff there's cuts. the u.s. government is the world's biggest buyer of software associated with the running of any kind of government. that's another kind of corollary here. a big comment from a lot of people in the defense industry about that yesterday. i think they're the first company to come out and make realistic expectations of what will happen in the next couple of years. back to you. >> okay. thank you. dave cote is the head of the curve on all of...
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Dec 19, 2012
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talk about the fiscal cliff. things are looking a little worse and worse for that holiday break for congress, at least, as the president says he will veto house speaker boehner's plan b. our john harwood is live in washington. as i said earlier in the show, still stubbornly optimistic this gets done. >> i am, even though the trash talk keeps on coming, carl. just a couple moments ago, we got an e-mail from the boehner communications office calling the white house veto threat bizarre and irrational. again, this is in response to the plan b that boehner unveiled. let's just replay the bidding for a second. the sound of stalemate. you had the white house giving an offer to boehner a couple days ago that offered to raise taxes on people with incomes over, families with incomes over $400,000. had some spending cuts. boehner said it was not sufficiently balanced with spending cuts. he rejected the offer. he's come out with plan b, which doesn't have any spending cuts at all but would only raise taxes among people with
talk about the fiscal cliff. things are looking a little worse and worse for that holiday break for congress, at least, as the president says he will veto house speaker boehner's plan b. our john harwood is live in washington. as i said earlier in the show, still stubbornly optimistic this gets done. >> i am, even though the trash talk keeps on coming, carl. just a couple moments ago, we got an e-mail from the boehner communications office calling the white house veto threat bizarre and...
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Jul 18, 2012
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fiscal policy, so-called fiscal cliff. so -- your response to that, you said the most effective thing that congress could do would be to address the fiscal cliff. i think you said the sooner we did that, the better. what do you mean by that? the sooner we did that, the better? >> one of the issues, this is not explicitly accounted for in the cbo study, is that even putting aside the effects on activity of the fiscal cliff, there's likely to be as time passes, as we get closer to the end of the year, we're likely to see increased uncertainty both in financial markets and among people who are making investment and hiring decisions about what -- what programs will be in place, which ones will not, what the tax rates will be and those kinds of things. >> so certainty and confidence are a big part of that, right? >> absolutely. >> and i know -- i'm going to try not to ask you to suggest things that we should be doing. because i know you won't, you know, answer those questions. but i'd like to ask you once to go back to a questi
fiscal policy, so-called fiscal cliff. so -- your response to that, you said the most effective thing that congress could do would be to address the fiscal cliff. i think you said the sooner we did that, the better. what do you mean by that? the sooner we did that, the better? >> one of the issues, this is not explicitly accounted for in the cbo study, is that even putting aside the effects on activity of the fiscal cliff, there's likely to be as time passes, as we get closer to the end...
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Oct 15, 2012
10/12
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this is a kind of guy not worried about the fiscal cliff. >> that fiscal cliff did not come up. he did not talk about the election or the debate. >> there is only one thing you wonder are things not as good as the market thought given the stock price move at sprint. are things not as good at sprint. what's t-mobile. what kind of quarter will t-mo report. they're not in any talks, anything with -- >> why can't that be killed? why does that come up? >> this morning they put it out this deal will not deleverage sprint. it won't improve the margins or get sprint any beachfront real estate and might be forced into another deal and the only other partner would be a metro -- people keep bringing it up. >> i kept thinking -- last this been consolidated. >> the key part of the deal down the road will be you're going to have a public currency. this public can if allowed by the government con sal date. conceivable a t-mobile pcs could be consolidated by sprint down the road if, in fact, regulators allow it. certainly something we would expect mr. man, masayoshi son would want to do. >> he
this is a kind of guy not worried about the fiscal cliff. >> that fiscal cliff did not come up. he did not talk about the election or the debate. >> there is only one thing you wonder are things not as good as the market thought given the stock price move at sprint. are things not as good at sprint. what's t-mobile. what kind of quarter will t-mo report. they're not in any talks, anything with -- >> why can't that be killed? why does that come up? >> this morning they...
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Jul 16, 2012
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i know if the fiscal cliff were to happen or the u.s. were to jump off the fiscal cliff, this would be a major macroeconomic event. i mean, our forecasts are based on fiscal consolidation of about 1.5% of gdp. this would be a 4% fiscal consideration. this would kill growth if the u.s. next year, kill foreign countries next year. this is a very major issue and i very much hope they find a solution. >> when you say kill growth, are you suggesting any failure to address the cliff means an automatic recession in the states. >> i think if the u.s. fell off the fiscal cliff and had fiscal consolidation of 4% then, yes, i'm sure we would see negative gr growth in the u.s. next year. again, we think they will find a way. if this were to happen, yes, this would mean a recession next year. >> chief economist of the imf. >> thank you. >> tough stuff. talk about silver linings or zinc. >> we hope they figure it out as they often do with backs against the wall. plenty of people in washington tell you they may not figure it out. it's going to be an ob
i know if the fiscal cliff were to happen or the u.s. were to jump off the fiscal cliff, this would be a major macroeconomic event. i mean, our forecasts are based on fiscal consolidation of about 1.5% of gdp. this would be a 4% fiscal consideration. this would kill growth if the u.s. next year, kill foreign countries next year. this is a very major issue and i very much hope they find a solution. >> when you say kill growth, are you suggesting any failure to address the cliff means an...
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Oct 18, 2012
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cliff -- i will not let the economy go over the fiscal cliff. people need to be saying that right now. they're not saying it. and that's what business wants to hear. that could perhaps -- if republicans and democrats could give business the assurance they want that they won't let the worst outcomes come to pass, then i think business would be unshackled here. >> echoing what they said last night to maria. steve leesman back at headquarters covering basically everything. let's get to the road map. inside china's gdp numbers. what they're saying about the economy and how it affects the economy. has china hit a bottom, and is time to buy? china's chief strategist here. >> plus, inside obama's push to make the u.s. the top travel destination for foreigners. we'll speak exclusively with one of the men driving that, the chairman of loews hotels, now the first hotel chain to partner with the department of homeland security on a new visa situation. >> on the earnings front, ebay's third quarter results forecast coming in line with the street's expectati
cliff -- i will not let the economy go over the fiscal cliff. people need to be saying that right now. they're not saying it. and that's what business wants to hear. that could perhaps -- if republicans and democrats could give business the assurance they want that they won't let the worst outcomes come to pass, then i think business would be unshackled here. >> echoing what they said last night to maria. steve leesman back at headquarters covering basically everything. let's get to the...
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Oct 25, 2012
10/12
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because it is still a play maybe against the fiscal cliff, taxation. but the point is there is something we all agree on. but be careful. okay? if this is five years on stocks, i think what everybody's thinking about is between where we're at now and five years, they do believe stocks are going to be higher. but the real question is, where's the path to get there? and i think the same thing is true for interest rates. you know, here we are around 1.82. i think it's pretty smart to say that in a five-year horizon, pretty much everybody afwrees they're going to be higher. but what path are we going to take? that is really the argument. when you get many of these managers that say, don't worry, just buy and hold or buy on the dips, that all might be true. except for somewhere along the line there's going to be an extreme everybody's going to want to avoid. timing is nirvana. >> thanks so much. >>> steve liesman is at the buttonwood gathering in new york city. fresh insight on growth in this country on a day, steve, where j.p. morgan making adjustments to
because it is still a play maybe against the fiscal cliff, taxation. but the point is there is something we all agree on. but be careful. okay? if this is five years on stocks, i think what everybody's thinking about is between where we're at now and five years, they do believe stocks are going to be higher. but the real question is, where's the path to get there? and i think the same thing is true for interest rates. you know, here we are around 1.82. i think it's pretty smart to say that in a...
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Oct 22, 2012
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today the real issue is the fiscal cliff and earnings. if we can get the fiscal cliff resolved, we'll get certainty we need to increase corporate spending, get consumer confidence where it needs to be. i think that will drive economic growth that can drive the market higher. >> jack, just before we lose you, can i ask you another question? >> sure. >> obviously, we corrected on friday, and over the weekend there was a huge amount written about the fact that two-thirds of companies are missing their sales estimates. not coming through with revenue we perhaps thought. does that matter to me as an investor really? what the revenue of a company? aren't i just interested in buying future profit streams? isn't that the point? >> well, i think revenue is the key, simon. the reason is, i look back at price to sales ratios all the way back. the problem with earnings, as we know in concern companies, they're managed. you know, you have to go back to 1998 to find the first quarter where companies have not -- have failed to -- the majority of compani
today the real issue is the fiscal cliff and earnings. if we can get the fiscal cliff resolved, we'll get certainty we need to increase corporate spending, get consumer confidence where it needs to be. i think that will drive economic growth that can drive the market higher. >> jack, just before we lose you, can i ask you another question? >> sure. >> obviously, we corrected on friday, and over the weekend there was a huge amount written about the fact that two-thirds of...
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Oct 12, 2012
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or is it about the fiscal cliff? do you have a theory behind if, in fact, that's happening, why it's happening? >> i think if you have a great value proposition for customers, there's always i.t. dollars to spend. and our sales cycle today is six to nine months. it was six to nine months two or three years ago. >> has not changed? >> not changed. >> the people saw the acquisition as one of the great corporate sagas in this american business. does that experience color anything happening here today? >> you know, this is a new chapter. we were really excited and starting workday, and this is about workday. that was a great company. but i feel like we're building on where we left peoplesoft and moving on to workday with great technology. same culture, though. my co founder dave duffield brought to the company. y. you could have raised more what are you going to do with the money you have raised? >> we're going to use it very carefully. he we want to invest in growth, new products, new markets. growing internationally, r
or is it about the fiscal cliff? do you have a theory behind if, in fact, that's happening, why it's happening? >> i think if you have a great value proposition for customers, there's always i.t. dollars to spend. and our sales cycle today is six to nine months. it was six to nine months two or three years ago. >> has not changed? >> not changed. >> the people saw the acquisition as one of the great corporate sagas in this american business. does that experience color...
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Aug 13, 2012
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we think about the fiscal cliff. people don't talk about this in real life. >> it's going to be a big number, if everything's reversed. whether capital gains and the dividends and the bush tax cuts and you add it all up, you get into trillions of dollars, even in the u.s., trillions. >>> we start off the week, the s&p in the midst of a six-day winning streak, its longest in two years and 17 points away from a 2012 high. the dow is just 72 points away from its high for the year. if it top that is level, the dow will be at more than a 4 1/2-year high. the criticism on the markets is we're only seeing the defensive stocks move higher. you want to see some of the higher beta stocks move higher as well. financial, technology, more levered to the economy. >> they've been stalled. we had a little housing bump the other day. we also have some of these -- there was a little bit of a moment where we were buying caterpillar again, cummins, rated neutral today. but as important as our streak is, we could get the 11th week of eur
we think about the fiscal cliff. people don't talk about this in real life. >> it's going to be a big number, if everything's reversed. whether capital gains and the dividends and the bush tax cuts and you add it all up, you get into trillions of dollars, even in the u.s., trillions. >>> we start off the week, the s&p in the midst of a six-day winning streak, its longest in two years and 17 points away from a 2012 high. the dow is just 72 points away from its high for the...
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Oct 5, 2012
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. >> he must know how the fiscal cliff is resolving itself. do you remember that scene in "the wizard of oz" when they look through the crystal ball and they find out how to get to the promiseland. he's got the crystal ball. my hat's off to you. >> it's a great note. 1575, next year because congress, in his view evades the fiscal cliff in the first quarter which then allows investors to in his words focus $114 for s&p. >> the stock market is saying that, okay? i don't mean to be too gratuitous or say, look, what does he know because there are people who are making presumptions based on stocks. i have the unfortunate task of speaking to the ceo after ceo. if it's resolved, he's right. if it's resolved, he's right. maybe he gets resolved? >> isn't that the problem with confidence, david? there's this binary outcome that is facing us over the next few months and you're either very right or very wrong. >> perhaps even overstated a bit by the executives that led the corporations in this country and around the world. >> and by the way, so are market
. >> he must know how the fiscal cliff is resolving itself. do you remember that scene in "the wizard of oz" when they look through the crystal ball and they find out how to get to the promiseland. he's got the crystal ball. my hat's off to you. >> it's a great note. 1575, next year because congress, in his view evades the fiscal cliff in the first quarter which then allows investors to in his words focus $114 for s&p. >> the stock market is saying that, okay? i...
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Oct 23, 2012
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the fiscal cliff, china, europe. they do say the impact of its customers responding to poor demand for their products. key customers, which they did not mention but generally are known and have been mentioned in s.e.c. filings include nokia and research in motion. companies without question the economy by the way is without question the most popular scapegoat. i give several companies credit for looking through it. 3m whose ceo said we'll focus on things within our control and then there's radio shack which deserves a special shout out. not because its stock is turning around at 5% on what would be horrible results. they must have said something interesting on the earnings call. rather than play the blame game, the interim ceo came out and said overall our business performed below expectations. finally, this has zero to do with the blame game. pay attention to ryder. this may be one of the most important stories of the day. the company had good results. the stock is flying. the company said commercial rental business
the fiscal cliff, china, europe. they do say the impact of its customers responding to poor demand for their products. key customers, which they did not mention but generally are known and have been mentioned in s.e.c. filings include nokia and research in motion. companies without question the economy by the way is without question the most popular scapegoat. i give several companies credit for looking through it. 3m whose ceo said we'll focus on things within our control and then there's...
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Jun 18, 2012
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the other is the fiscal cliff. >> do you think that is a bigger concern? >> to me it would be. because of the timing and degree. you don't really know what is going happen. so i would actually say they should wait. >> save it? >> exactly. >> al, your thoughts quickly on that? >> i don't disagree with it strongly. i think they will. my own guess is some kind of modification. they need to say what's the point in doing that. it's a good question but it would be action. and i think they might wait whatever the extension might come towards more purchases of mortgage backed securities perhaps with a view to helping undergird it looks like it may be gaping a little bit of momentum. >> all right. al, do you know, we will leave it there. both of you. >> joining us today. >> from central bankers or through politicians. kind of just wallowing around without the need for anybody to be decisive. >> i think that's why the markets are not fully decisive this morning. i think people are wondering will they actually be able to form a government in greece? there is a feeling the head of the new
the other is the fiscal cliff. >> do you think that is a bigger concern? >> to me it would be. because of the timing and degree. you don't really know what is going happen. so i would actually say they should wait. >> save it? >> exactly. >> al, your thoughts quickly on that? >> i don't disagree with it strongly. i think they will. my own guess is some kind of modification. they need to say what's the point in doing that. it's a good question but it would be...
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May 31, 2012
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down to fiscal cliff. overall what's your apartments patience on behalf of impact on gdp or other metrics for the economy frf first of all, as the earlier report suggested we are slowing down here. this is happening every year. kind of groundhog day, big number in third quarter, we've already slowed to two. my guess would be third quarter would be 1.5. only one%, one of the lowest numbers on the street there. just too many uncertainty factors weighing on confidence. i think the consensus hasn't caught onto the fact the fiscal cliff doesn't just hurt growth in 2013 but hurts growth this year because you're going to scare the corporate sector into the sidelines as we go into year's end. >> as far as making money from the market, we have to acknowledge fear moves through the market far more rapidly than considered opinions of guys like you. therefore, my question is with the s&p down 7.6% for the month, john, is a lot of this all factored in? in other words, have we taken our losses on the headlines on the ma
down to fiscal cliff. overall what's your apartments patience on behalf of impact on gdp or other metrics for the economy frf first of all, as the earlier report suggested we are slowing down here. this is happening every year. kind of groundhog day, big number in third quarter, we've already slowed to two. my guess would be third quarter would be 1.5. only one%, one of the lowest numbers on the street there. just too many uncertainty factors weighing on confidence. i think the consensus hasn't...
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Jun 13, 2012
06/12
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we think part of the fiscal cliff will result in fiscal tightening. i think the risks to that are probably on the downside. if things are meaningfully away from our forecast, then i think unfortunately they're more likely to be weaker rather than stronger. partly because of the downside risks in europe and partly because just the anticipation of the fiscal cliff, of course, is going to be to some degree a megative. >> people still trying to make sense of the jobs number for may. big debate blossoming about the impact of seasonal adjustments and whether or not we are seeing a pattern of being disappointed in the spring and getting a payback in the fall. you think overall it still works. >> overall i think there's a need for a seasonal adjustment. and, you know, i think the government in general does a good job seasonally adjusting data. having said that, i think weather was a factor in the strong numbers early in the year and the weaker numbers over the last couple of months. so i think you probably have payback of something like 30,000 or so, maybe a
we think part of the fiscal cliff will result in fiscal tightening. i think the risks to that are probably on the downside. if things are meaningfully away from our forecast, then i think unfortunately they're more likely to be weaker rather than stronger. partly because of the downside risks in europe and partly because just the anticipation of the fiscal cliff, of course, is going to be to some degree a megative. >> people still trying to make sense of the jobs number for may. big...
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Jul 12, 2012
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one of the key points you make is about the fiscal cliff which in some ways you can write it and say hey let's just deal with it but in reality and we heard john malone earlier talk about this from sun valley it does appear to be more complex than that and there's a lot of people who think politically we'll be able to deal with these issues such as deficit reduction and get everything in line. >> this thing is a big threat and i worry as the end. year approaches more businesses pulling in their horns because they are worried about how that thing will unfold. but i believe we'll fix it for two reasons. one, last year every one. slow downs whether shutting down the government or debt ceiling we managed to fix it. >> at the end of the bay, boehner and obama could not come to a grand bargain and kicked the can down the road when it comes to this key issue so we'll have a cutting that just takes effect as you well know. what gives the confidence that our political leaders can reach a real agreement? >> they always have in the past. and i think that one of the reasons it will be different
one of the key points you make is about the fiscal cliff which in some ways you can write it and say hey let's just deal with it but in reality and we heard john malone earlier talk about this from sun valley it does appear to be more complex than that and there's a lot of people who think politically we'll be able to deal with these issues such as deficit reduction and get everything in line. >> this thing is a big threat and i worry as the end. year approaches more businesses pulling in...
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Oct 16, 2012
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the fiscal cliff i hope will get resolved but it's going to be volatile. positions will move in big directions, derivatives make those position move bigger. you have to have somebody who understands the risks that your organization is taking around the world. >> now you've alarmed me. now i list into you say that. it brings to mind that the chief operating officer john havens has also decided he's not is going stay until the end the year and go now. if it was about time bombs surely they wouldn't let him out the door. >> no. i don't want you to think they let these people go. they didn't let these people go. the board is bad. they are not that bad. this had to be vikram pandit saying that's it i'm out of here. the thing that would make that happen would probably, in my judgment, be either compensation or a decision, strategic decision that he wanted to go, that the board wouldn't back him up on. but frankly at this point i'm not saying they are big bombs. i'm saying there's potential risks at citi just like every where else and no board wants to bring some
the fiscal cliff i hope will get resolved but it's going to be volatile. positions will move in big directions, derivatives make those position move bigger. you have to have somebody who understands the risks that your organization is taking around the world. >> now you've alarmed me. now i list into you say that. it brings to mind that the chief operating officer john havens has also decided he's not is going stay until the end the year and go now. if it was about time bombs surely they...
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Jul 27, 2012
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that's the critical issue. 2013 is very dependent upon what we do on the fiscal cliff in the u.s. if we were -- this is my words and the cbo's words -- if we see the fiscal cliff not be resolved and we get a combined impact of about 4% of gdp, there's a high probability of a recession in the u.s. that's where has 70% -- >> it's not going to happen. surely they will sort it out. >> we are of the belief that they will sort a good chunk of it out. >> then do we base -- >> we think we're in a trading market. we traded up. got nervous back in march, april, we suggested be more cautious. at the end of june, we said, get in here. as the market continues to rally, we could have another hiccup later this year around the elections, around concerns regarding this. i talked to somebody in washington yesterday looking at a cnn article that discussed eight different ways in which we could get literally 269/269 on the electoral college vote. what do you do then? there are scenarios out there of difficulty in markets. that may show up again in november. >> if one believes that we are to get to 1,
that's the critical issue. 2013 is very dependent upon what we do on the fiscal cliff in the u.s. if we were -- this is my words and the cbo's words -- if we see the fiscal cliff not be resolved and we get a combined impact of about 4% of gdp, there's a high probability of a recession in the u.s. that's where has 70% -- >> it's not going to happen. surely they will sort it out. >> we are of the belief that they will sort a good chunk of it out. >> then do we base -- >>...
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Jun 19, 2012
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cliff. do you see any validity to either of that he is scenarios? >> i think the idea the fed can't move during elections is a myth. the fed moved during the 2010 election and they can't put themselves on hold through the election. the reof washington is frozen in place. the fed can't be frozen in place also. the way the election affects the fed is it makes it more imperative they make it clear we're moving because of the economy, not because of politics, and they need to be able to point to the economy and say, look, we have to go here. i think that's the reason they wait a little bit longer. >> yet when bernanke was last on capitol hill he didn't say that. he was very careful not to allow republicans to pick a fight with him because you can quite clearly argue, ethan, that what the fed is engaged in is not actually helping the employment situation and the language is more about attempting to support the stock market. >> well, i think that the critics of bernanke are wrong. i think if the f
cliff. do you see any validity to either of that he is scenarios? >> i think the idea the fed can't move during elections is a myth. the fed moved during the 2010 election and they can't put themselves on hold through the election. the reof washington is frozen in place. the fed can't be frozen in place also. the way the election affects the fed is it makes it more imperative they make it clear we're moving because of the economy, not because of politics, and they need to be able to point...
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May 24, 2012
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resolving the fiscal cliff. coming to an agreement on consolidation over time. that would be helpful, i think. >> you're going to give a speech about policy rules. why is the fed these days talking so much about policy rules? >> i think the first thing that's important is it's very important for people to understand how the federal reserve is likely to act as the economic environment changes. if people can anticipate our actions, that makes monetary policy more effective at achieving our objectives over time. so part of this speech and other communications that we've had is to be clear about what's our framework for doing monetary policy. so my view is that rules are useful guides, but i would be hez tabt to apply them mechanically. >> among them that out there in such size in the markets that you have really made it so that the price information coming from the bond market is not real. >> well, we're very attentive to our role in the market and not being so big in the market that we disrupt market function and market pricing. so that's something we're very sens
resolving the fiscal cliff. coming to an agreement on consolidation over time. that would be helpful, i think. >> you're going to give a speech about policy rules. why is the fed these days talking so much about policy rules? >> i think the first thing that's important is it's very important for people to understand how the federal reserve is likely to act as the economic environment changes. if people can anticipate our actions, that makes monetary policy more effective at...
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Jul 9, 2012
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but i'm talking to a lot of people here in town who expect we're going to go over that fiscal cliff in january. >> eamon, thank you. eamon javers from washington. >>> back to this morning's monday merger, health insurer wellpoint planning to buy amerigroup. morgan stanley health care index having its best day in 3 1/2 years. anna gupta joins us on the newsline. this is accretive to earnings in about a year or so, this deal. but specifically for wellpoint, buzz this offset or counterbalance the problem that its margins will be -- >> wellpoint has reached a growth of stalling, if you will. and bauftd health care overhaul, particularly in the commercial markets, the markets will be under a great deal of pressure. with this deal, they open themselves up to a new growth engine, both from obamacare, but in addition, the states are privatizing their medicaid programs and the dual eligib eligible -- the senior population that also are low income are also going through -- [ inaudible ] -- >> important about this deal is the groundwork that was laid prior to this deal. that was the acquisition o
but i'm talking to a lot of people here in town who expect we're going to go over that fiscal cliff in january. >> eamon, thank you. eamon javers from washington. >>> back to this morning's monday merger, health insurer wellpoint planning to buy amerigroup. morgan stanley health care index having its best day in 3 1/2 years. anna gupta joins us on the newsline. this is accretive to earnings in about a year or so, this deal. but specifically for wellpoint, buzz this offset or...
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Oct 8, 2012
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. >> do you believe the fiscal cliff worries have put a lid on the market? do you believe it will be avoided and if it is, how much is springloaded in stocks? >> to your first question, absolutely, yes. i think the market would be materially higher, were it not for the fiscal cliff. i do think nothing obviously is going to happen ahead of the election. but once you get past the election, depending on what signals the electorate gives, i think you are going to see washington really push towards either a compromise or a direction taken from the electorate. hard to tell which at the moment because i think the presidential election is basically very finely poised. so depending on which way the electorate goes, you're going to see the deficit reduced either by tax increases or public spending cuts or a bit of both. and i do think the intrenched positions you've had the last year and a half will in the send cause someone to blink, either the administration or congress because ultimately neither will want to push the u.s. into an unnecessary recession next year. th
. >> do you believe the fiscal cliff worries have put a lid on the market? do you believe it will be avoided and if it is, how much is springloaded in stocks? >> to your first question, absolutely, yes. i think the market would be materially higher, were it not for the fiscal cliff. i do think nothing obviously is going to happen ahead of the election. but once you get past the election, depending on what signals the electorate gives, i think you are going to see washington really...
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Apr 25, 2012
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. >> michele, steven is right, fiscal cliff. everybody knows what you mean when you refer to it. how explicit can he be today? >> i think he's going to mention it in the press conference. i don't expect to see it in his statement but one of the things he's worried about so acknowledging some of the better data flow but still saying there's a lot that the economy has to get past. one of the things he must be concerned about as steven said is the looming fiscal cliff that could hit at the end of the year and the uncertainty that can kick in earlier than that as a result of the lack of clarity of how they'll deal with some of these programs. >> steven, some discussion about whether or not they lower their year-end jobless rate target. some say below 8% even. does that -- is that more hawkish or not? >> yeah, i think that's part of the problem here. the original numbers we're talking about go back to the end of last year and the perceptions is what was happening. the decline in the unemployment rate that has taken place has occurred in an environment where it's not a positive decline
. >> michele, steven is right, fiscal cliff. everybody knows what you mean when you refer to it. how explicit can he be today? >> i think he's going to mention it in the press conference. i don't expect to see it in his statement but one of the things he's worried about so acknowledging some of the better data flow but still saying there's a lot that the economy has to get past. one of the things he must be concerned about as steven said is the looming fiscal cliff that could hit at...
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Jul 23, 2012
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the european financial mess and the looming fiscal cliff. cnbc looked at the growth forecast of nine wall street firms and found it had dropped in the past several weeks for both quarters. down 0.2, the second quarter, the third quarter, down 0.2, and that's falling as well. it's written we've looked for g-2-ggdp to have risen by a mere 1.3% at an annualized rate. we expect continued below-trend growth for the remainder of the year. jpmorgan slashing second quarter goat from 1.4 to 1.7 over the weekend but took even more off the third quarter dropping it by more than half a point to just 1.5%. they said the real news is a convincing downshift in core retail sales through june coming at a time when sharply lower gasoline prices had been expected to boost spending. folks, can't do a lot without the consumer spending in this economy. there are a few optimists out there. let's talk about them for a second. first-quarter growth suffered from an unpecksed 0.7% decline in defense spending. thinks there could be a rebound in that spending along with
the european financial mess and the looming fiscal cliff. cnbc looked at the growth forecast of nine wall street firms and found it had dropped in the past several weeks for both quarters. down 0.2, the second quarter, the third quarter, down 0.2, and that's falling as well. it's written we've looked for g-2-ggdp to have risen by a mere 1.3% at an annualized rate. we expect continued below-trend growth for the remainder of the year. jpmorgan slashing second quarter goat from 1.4 to 1.7 over the...
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Jun 4, 2012
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is it the fiscal cliff at the end of this year? regulation? there's so many different reasons. >> speaking of big swings and cheap money, larry summers, jim, over the weekend. big ft piece about how we should do essentially what you've recommended in some ways. that is go long, borrow a lot of money now at these low rates. >> yep. i've not been a fan of many things that larry summers has said or done over the years. i will say that this was a great idea, although he wants to spend the money immediately. >> exactly. >> i just want to refinance. i've been telling tim geithner both behind the scenes and in his face, listen, refinance. make sure that we do not have a liquidity crisis in this country. sel sell $500 billion in 30-year paper. would that ever be snapped up immediately. >> isn't that the fear? what happens if it's not? if the market wasn't there how bad that would look? >> even if you had to pay up 100 basis points, it would still be a home run. you could really -- this is a great piece of business for -- and i think one of the things
is it the fiscal cliff at the end of this year? regulation? there's so many different reasons. >> speaking of big swings and cheap money, larry summers, jim, over the weekend. big ft piece about how we should do essentially what you've recommended in some ways. that is go long, borrow a lot of money now at these low rates. >> yep. i've not been a fan of many things that larry summers has said or done over the years. i will say that this was a great idea, although he wants to spend...
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. >> on the fiscal cliff? >> yes. there are a lot of different potential outcomes in the election. there are a lot of different outcomes from the inevitable horse trading that's going to happen after any outcome of the election. so i think it's a decision tree with many hands. >> jan, we're going to leave it there. thanks for coming by. we appreciate it. >> thank you. >> we have a quick market flash here. let's get back to kayla tausche at headquarters. >> we're taking a look at kraft because it's the biggest laggard on the dow today. today looking at the north american grocery business. low growth and high dividend. but i don't think investors knew what that would look like. the company saying it's going to be expected eps of $2.60 a share. but also going to be single-digit growth both for income and eps. this follows the announcement yesterday about its mondelez unit. that company was supposed to be high growth but it's going to take a big restructuring hit in the near term. >> thank you very much for that. >>> want to do another market flash here. google shares worth pointing ou
. >> on the fiscal cliff? >> yes. there are a lot of different potential outcomes in the election. there are a lot of different outcomes from the inevitable horse trading that's going to happen after any outcome of the election. so i think it's a decision tree with many hands. >> jan, we're going to leave it there. thanks for coming by. we appreciate it. >> thank you. >> we have a quick market flash here. let's get back to kayla tausche at headquarters. >>...
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about the fiscal cliff as we get closer to the end of the year. do you think that ryan makes a compromise over the cliff less likely? >> well, governor romney is the one who's called for kicking the can down the road. when the president has called for action to address these mat rers. the president's also called for action to ensure that congress immediately passes a plan to ensure that taxes on the middle class don't go up by $2,000 on january 1st. and governor romney has called for congress to kick the can down the road until after the election so he can implement his own political agenda. both democrats and republicans agree that on this matter, that middle-class taxes shouldn't go up. we should pass the plan in which both sides agree immediately. >> finally, ben, does it feel to you like the campaign's going to end up debating more ryan than romney even though it's romney who's at the top of the ticket? >> no. ultimately i think this is the same choice that the president outlined in his economic framing speech in cleveland. it's a choice betwe
about the fiscal cliff as we get closer to the end of the year. do you think that ryan makes a compromise over the cliff less likely? >> well, governor romney is the one who's called for kicking the can down the road. when the president has called for action to address these mat rers. the president's also called for action to ensure that congress immediately passes a plan to ensure that taxes on the middle class don't go up by $2,000 on january 1st. and governor romney has called for...
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cliff and i'm hope pful in one of the next debates we could start that process. we've got to get the ball rolling if we're going to avoid the issue. >> arguably it might scare the middle ground that they're after those swing voters. arne, thanks for joining us. >>> as we said, midtt romney, actually accused the president of being too soft on big banks. should wall street be careful what it wishes for? back after a break. if we want to improve our schools... ...what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ...nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. [ "the odd couple" theme playing ] humans. even when we cross our "t"s and dot our "i"s, we still run into problems -- mainly other humans. at liberty mutual insurance, we understand. that's why our auto policies come with accident forgiveness if you qualify, where your rates won't go up due to your fi
cliff and i'm hope pful in one of the next debates we could start that process. we've got to get the ball rolling if we're going to avoid the issue. >> arguably it might scare the middle ground that they're after those swing voters. arne, thanks for joining us. >>> as we said, midtt romney, actually accused the president of being too soft on big banks. should wall street be careful what it wishes for? back after a break. if we want to improve our schools... ...what should we...
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the fiscal cliff could rattle consumers going into the holiday season. and multi channels becoming a very big focus from retailers for the likes of pvh to saks. the ceo, manny as he prefers to be called, made very interesting comments about just the first four days of its shop at izod o rolled out four days ago and he says they have already seen very strong sales strength. 80% of the stores or shops are open. 100% will be open by the end of the weekend. he looks forward to seeing what will go forward in the future and believes there is some positive momentum. and then as far as saks is concerned, the ceo making some comments about omni channel and being very important, making investments there, that that luxury consumer is very tied to what the market is doing right now. they need to make that experience seamless all the way around. back to you guys. >> all right. courtney reagan with the latest from the goldman saks retail conference. thank you. still to come we'll head to charlotte where we'll preview tonight's main event former president clinton getti
the fiscal cliff could rattle consumers going into the holiday season. and multi channels becoming a very big focus from retailers for the likes of pvh to saks. the ceo, manny as he prefers to be called, made very interesting comments about just the first four days of its shop at izod o rolled out four days ago and he says they have already seen very strong sales strength. 80% of the stores or shops are open. 100% will be open by the end of the weekend. he looks forward to seeing what will go...
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what about fiscal cliff? we talk a lot about fiscal cliff, but when you're a big multi-national company, you're looking for the united states to be the savior because europe is bad as is the case with ford. latin america not doing anything for you, china, but suddenly if you lose that pillar, got to slow that buyback. >> we'll see to what degree we get stimulus out of washington as a result of sandy. that will have to happen to some level. >> i think we've got to find out. my understanding is this is a discretionary item meaning they can write a check. they can say, you know what, we know that you've built on a flood plane but we're willing to look the other way. west hampton build by the fed, totally reckless building and didn't matter. still got the check. >> bob pisani joins us here on the set. more on whether or not we'll get the bell tomorrow. >> meetings going on, executive leadership in the building. we're talking to people who are on the emergency committee to make sure the check list that we're talki
what about fiscal cliff? we talk a lot about fiscal cliff, but when you're a big multi-national company, you're looking for the united states to be the savior because europe is bad as is the case with ford. latin america not doing anything for you, china, but suddenly if you lose that pillar, got to slow that buyback. >> we'll see to what degree we get stimulus out of washington as a result of sandy. that will have to happen to some level. >> i think we've got to find out. my...
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that would really -- that would be our fiscal cliff. >> yeah, it would be. you showed a clip of the governor basically poking fun at california, and he said just joking. the audience seemed to laugh. how did it go over? >> california hasn't gone republican for a couple of decades. i think ronald reagan was the last. romney comes here to raise money, but i don't think ecounting on enough votes here to make a difference. in the meantime, we're so desperate i'm trying to do my part. i've actually written an open letter to larry allison on the blog funny business.cnbc.com. he's now bought this hawaiian island. he's the richest guy in california. if he decided to retire to hawaii, we're in bad shape. he's worth $36 billion. the governor here wants us to raise taxes on people like him so he had to pay 13.3% state taxes, which would be the highest in the land. >> oh, my gosh. >> a guy like larry, we have 96 billionaires in california. one leave and that's it for the highway system. >> your letter is what, please don't go? we need you? >> please don't go. don't say
that would really -- that would be our fiscal cliff. >> yeah, it would be. you showed a clip of the governor basically poking fun at california, and he said just joking. the audience seemed to laugh. how did it go over? >> california hasn't gone republican for a couple of decades. i think ronald reagan was the last. romney comes here to raise money, but i don't think ecounting on enough votes here to make a difference. in the meantime, we're so desperate i'm trying to do my part....
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. >> no dow for industrial companies were at a very key level and they're all worried about fiscal cliff, the ceos and they're worried about china coming back. we want them worried because we don't have great growth. it is not like the stocks are expensive, historically. i think 3m, one of the great serial dividend boosters. it reminds me of fedex and it turned out the stock moved too much. i'm surprised it wasn't for sale. >> ceos have been cautious for a long time and the world gives them even more reason to be cautious now aboutic ii imakin bigger diseases in terms of capital spending with things that would create jobs. >> it is interesting that the guide down was something they thought they could do because it was a stretch. it wasn't that long ago that they laid out these targets. >> right. that's the issue. >> that is the issue. we're also watching, of course, the banks in terms of the changing of the guard at goldman sachs. not moving too much here, but the banks overall not moving and maybe that speaks volumes given the tremendous run they've had in the next couple of weeks. >> y
. >> no dow for industrial companies were at a very key level and they're all worried about fiscal cliff, the ceos and they're worried about china coming back. we want them worried because we don't have great growth. it is not like the stocks are expensive, historically. i think 3m, one of the great serial dividend boosters. it reminds me of fedex and it turned out the stock moved too much. i'm surprised it wasn't for sale. >> ceos have been cautious for a long time and the world...